Quote:
Originally Posted by Wayne 962
The comparison to gold is a classic straw man argument. The energy consumption, lack of utility, and classic pattern of a multi-level marketing system cannot be reconciled by Bitcoin investors, so there is a common technique to deflect away by using a comparison to gold. It's all an MLM scheme / system right now that is attracting all of the "quick money" investors, plain and simple. Nothing wrong with that, I just prefer to call it like it is.
If Bitcoin were 100% stable and moved maybe 2-3% per year, I'd be willing to bet that most everyone who was "in Bitcoin" right now would not maintain their position.
-Wayne
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Wayne, legitimate question. What is the difference between Bitcoin and the USD other than familiarity of the masses?
Side note: The only reason BTc is a high energy consumption coin is because it was designed to be self limiting. If it wasn’t for all the ridiculous speculation it would be impossible to mine for profit and it would stop.
So the people responsible for the high energy use are the people driving prices into the stratosphere.